Business

In England and Wales, some flat owners own shares in the company that owns the freehold of the building as well as holding the flat under a lease. This arrangement is commonly known as a "share of freehold" flat. The freehold company has the right to collect annual ground rents from each of the flat owners in the building. The freeholder can also develop or sell the building, subject to the usual planning and restrictions that might apply. This situation does not happen in Scotland, where long leasehold of residential property was formerly unusual, and is now impossible